10-K 0000914208-26-000079 (2026-02-24) vs 10-K 0000914208-25-000114 (2025-02-25)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 13,162 |
12.1% |
| MD&A | Item 7 | 11,525 |
17.4% |
| Legal Proceedings | Item 3, via Note 17 – COMMITMENTS AND CONTINGENCIES | 740 |
1.4% |
| Accounting Policies | Item 8, Note 1 – ACCOUNTING POLICIES | 5,300 |
8.5% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 336 words changed in this paragraph; it is 56% similar to last year's version.
We or our third-party vendors, clients or counterparties have developed, developed and may continue to develop or incorporate AI technology in certain business processes, services or products. The development and use of AI present a number of risks and challenges to our business. The legal and regulatory environment relating to AI is uncertain and rapidly evolving, in the U.S., E.U., and internationally, and includes regulation targeted specifically at AI technology, including the EU AI Act, portions of which have already come into force with more to follow this year and in future years, as well as provisions in intellectual property, privacy, consumer protection, employment and other laws applicable to the use of AI. Global divergence in AI regulations and evolving standards could create conflicting requirements across jurisdictions, increase compliance costs, and heighten enforcement risk. These evolving laws and regulations could require changes in our implementation of AI technology, increase our compliance costs and the risk of non-compliance, and restrict or impede our ability to develop, adopt and deploy AI technologies efficiently and effectively. If not appropriately governed, managed and controlled, AI models, particularly generative AI models, may produce output or take action that is incorrect or outdated, that result in the release of personal, confidential or proprietary information, that reflect biases included in the data on which they are trained or introduced during the training or fine tuning process, that infringe on the intellectual property rights of others, or that is otherwise harmful. In addition, the The complexity and limited transparency of many AI models makes make it challenging to understand why they are generating generate particular outputs. outputs, increasing governance and monitoring risks. Use of third-party AI models may introduce additional risk, as we may have limited visibility into their training data, validation processes, and controls to prevent unauthorized or harmful content. This limited transparency increases results in potential risks arising from the challenges inclusion of any unauthorized material in the training data for their models, and the effectiveness of the steps these third parties have taken to limit the risks associated with assessing the proper operation output of their models, matters over which we may have limited visibility. Further, AI tools, whether embedded in third party systems or in tools that we develop, that are used to support regulated activities such as investment decision making and client reporting present unique risks, including errors in algorithms or assumptions, data quality issues, and potential bias, that could adversely affect investment performance and increase business and compliance risks. Any of these risks could expose us to liability or adverse legal or regulatory consequences and harm our reputation and the public perception of our business or the effectiveness of our security measures. In addition to our use of AI technology, understanding technologies, we are exposed to risks arising from the use of AI technologies by bad actors to commit fraud and monitoring the capabilities misappropriate funds and to facilitate cyberattacks. Generative AI may be exploited to create sophisticated phishing schemes, ransomware attacks, or other cyber threats, which could result in financial losses, liquidity outflows, or systemic market disruptions. If our use of the AI technology developed by third parties and, to that extent, are dependent becomes controversial, we may experience brand or reputational harm, competitive harm, or legal liability.
Source: Item 1A, 10-K 0000914208-26-000079 vs Item 1A, 10-K 0000914208-25-000114
MD&A 169 words changed in this paragraph; it is 46% similar to last year's version.
We also remain highly focused on our capital priorities, investing in our key capabilities, efficiently allocating resources, and simplifying and streamlining the organization to position the company for greater scale, performance and improved profitability. We are delivering on our commitment to improve our leverage profile deleverage and maintain a strong balance sheet. We redeemed our $600 repaid in full the $500.0 million senior notes, that were due on January 30, 2024, three-year Term Loan Agreement entered into in the second quarter of 2025 and we ended the year with cash and cash equivalents of $1 billion and a zero balance $1.0 billion. Additionally, on our revolving credit facility. January 15, 2026, we redeemed the $500.0 million of senior notes that matured on January 15, 2026. We believe the progress we have made to build financial flexibility has Invesco well-positioned to navigate various market conditions and deliver long-term growth. We remain committed to returning capital to shareholders longer term through a combination of share repurchases and modestly increasing dividends. During the year, the company repurchased 5.4 million common shares for $100.4 million in the open market, and we expect to continue common share repurchases on a regular basis going forward. Additionally, we repurchased $1.5 billion of Invesco’s outstanding Series A Preferred Stock during the year. We also amended and restated the $2.0 billion floating rate Revolving Credit Agreement, increasing the borrowing capacity to $2.5 billion and extending the expiration date to May 16, 2030.
Source: Item 7, 10-K 0000914208-26-000079 vs Item 7, 10-K 0000914208-25-000114
Accounting Policies 118 words changed in this paragraph; it is 34% similar to last year's version.
During the year ended December 31, 2024, 2025, the company completed divestitures of Invesco Asset Management (India) Private Limited and IndusInd International Holdings Limited, intelliflo, both formerly wholly owned subsidiaries. As of December 31, 2025, the company holds a company organized under the laws of the Republic of Mauritius, entered into a definitive agreement to form a joint venture through the sale of 60% of the company's stake minority investment in Invesco Asset Management (India) Private Limited, a wholly owned subsidiary. The transaction Limited that is expected to close accounted for under the equity method as described in 2025. the "Investments" accounting policy below. As a result, of December 31, 2024, Invesco Asset Management (India) Private Limited's business has been was classified as held for sale and the associated assets and liabilities are presented on the Consolidated Balance Sheets within Other assets and Accounts payable and accrued expenses, respectively. sale.
Source: Item 8, Note 1 – ACCOUNTING POLICIES, 10-K 0000914208-26-000079 vs Item 8, Note 1 – ACCOUNTING POLICIES, 10-K 0000914208-25-000114
Legal Proceedings 15 words changed in this paragraph; it is 95% similar to last year's version.
Certain of our managed investment products have entered into revolving credit facilities borrowing arrangements with financial institutions. The company provided equity commitments and guarantees to the financial institutions for certain of these revolving credit facilities borrowing arrangements that are temporary in nature. The revolving credit facilities borrowing arrangements look first to the respective investment products for repayment and servicing. The company’s equity commitment or guarantee would only be called in the event a particular investment product is unable to meet its obligation. The company believes the likelihood of being required to fund its equity commitments or guarantees under these arrangements to be remote. To date, the company has not been required to fund any equity commitments or guarantees under these arrangements. The maximum amount of future payments under the commitments is $219.5 $50.5 million and under the guarantees is $65.0 $30.0 million. The fair value of the guarantee liability is not significant to the consolidated financial statements.
Source: Item 3, via Note 17 – COMMITMENTS AND CONTINGENCIES, 10-K 0000914208-26-000079 vs Item 3, via Note 17 – COMMITMENTS AND CONTINGENCIES, 10-K 0000914208-25-000114
Every change, by type
Sentences and paragraphs of IVZ's Risk Factors and MD&A, 10-K 2026-02-24 against 10-K 2025-02-25.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
•In the event that market values of companies involved directly in AI or exposed to AI trends, including those that are part of the Nasdaq-100 Index, decline, we may suffer declines in AUM and revenue, particularly relating to products we advise that track the Nasdaq-100 Index, such as the Invesco QQQ Trust and the Invesco NASDAQ 100 ETF.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•risks related to the ability to detect or prevent irregular accounting, employee misconduct or other fraudulent practices by any issuer or portfolio investment;
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
Current and anticipated regulatory developments include requirements related to AI, cybersecurity, and digital operational resilience, as well as evolving ESG disclosure standards and cross-border data transfer restrictions. Global divergence in these regulations could create conflicting obligations and increase compliance complexity. These changes may require significant investment of management time and resources, impact product design and distribution, and materially increase compliance costs or capital requirements. Failure to comply with these evolving requirements could result in enforcement actions, reputational harm, and restrictions on our ability to operate in certain jurisdictions.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•More rigorous laws and regulations applicable to asset managers with respect to anti-money laundering and the financing of terrorism (AML/CFT), which may increase our compliance costs and regulatory enforcement risk. For example, recent amendments to regulations under the U.S. Bank Secrecy Act will require our subsidiaries that are U.S. registered investment advisers to implement reasonably designed AML/CFT programs, file suspicious activity reports with the Financial Crimes Enforcement Network, maintain certain associated records and fulfill certain other obligations, similar to requirements imposed on banks and broker-dealers in the U.S.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
•Regulations promulgated from time-to-time to mitigate cybersecurity and information, technology and communication (ICT) risks, including regulations that could require asset managers and certain types of investment funds to adopt and implement procedures that are reasonably designed to address cybersecurity and ICT risks and to promptly report significant cybersecurity and ICT-related incidents to relevant regulators or even publicly. New cybersecurity and ICT-related requirements may raise our compliance costs, while compelled disclosure of cybersecurity or ICT-related incidents could cause us reputational harm.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
and may rise sharply over short periods. In some cases, coverage may be unavailable or only obtainable at prohibitive cost. Renewals may also result in higher premiums, increased deductibles, or greater co-insurance obligations, which could adversely affect our liquidity and financial condition.
Read it in 10-K 2026-02-24 at sec.gov ↗
RemovedRisk Factors
these trends and pressures, we may be unable to satisfactorily meet client needs, our competitive position may weaken, and our AUM, revenues, and net income may be adversely affected.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedRisk Factors
in part on the manner in which those third parties develop and train their models. This results in risks arising from the inclusion of any unauthorized material in the training data for their models, and the effectiveness of the steps these third parties have taken to limit the risks associated with the output of their models, matters over which we may have limited visibility. Any of these risks could expose us to liability or adverse legal or regulatory consequences and harm our reputation and the public perception of our business or the effectiveness of our security measures. In addition to our use of AI technologies, we are exposed to risks arising from the use of AI technologies by bad actors to commit fraud and misappropriate funds and to facilitate cyberattacks. Generative AI, if used to perpetrate fraud or launch cyberattacks, could result in losses, liquidity outflows, or other adverse effects at a particular financial institution or exchange. If our use of AI becomes controversial, we may experience brand or reputational harm, competitive harm, or legal liability.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedRisk Factors
•Regulations promulgated to address perceptions that the asset management industry, or certain products or services provided by the industry, pose systematic risks to the financial system, which could impede our ability to provide certain products or services or subject us, certain of our activities or products to heightened regulation or increased liquidity or capital adequacy requirements.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedRisk Factors
•Regulations aimed at the use of leverage by funds (in particular, leverage attained through derivatives), an example of which is the SEC’s 2020 rules with respect to the use of derivatives by U.S. registered funds. New or further regulations in this area could negatively impact our existing products that employ leverage or derivatives, impede our ability to bring new products to market and raise our compliance costs associated with sponsoring and managing products that employ leverage or derivatives.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedRisk Factors
•Enhanced licensing and qualification requirements for key personnel of financial services firms, including asset managers, such as the U.K. Senior Managers and Certification Regime and the SFC's Manager-in-Charge Regime, which could make it more difficult for the company to hire and retain key personnel.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedRisk Factors
•Strengthened laws and regulations applicable to asset managers with respect to preventing money laundering and the financing of terrorism, which may increase our compliance costs and burdens and regulatory enforcement risk. In June 2024, the EU introduced a new set of measures that resulted in the establishment of the Anti Money Laundering Authority (AMLA), which will gradually assume the supervision and regulatory responsibilities for anti-money laundering within the EU.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedRisk Factors
•Regulations promulgated to address risks of fraud, malfeasance, adverse consequences stemming from cyber-attacks and/or cross-border data transfer, and to ensure the digital operational resilience of firms. In particular, the new EU Digital Operational Resilience Act harmonizes the requirements applying to Information and Communication Technology risk management, outsourcing and operational resilience in the financial sector.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedRisk Factors
•The application of antitrust, change in bank control and similar competition laws and regulations to the asset
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedRisk Factors
•Guidelines regarding the structure and components of fund manager compensation and other related rules, regulations and disclosure requirements. Certain proposals could impose requirements for more widespread disclosures of compensation to highly-paid individuals. Depending upon the scope of any such requirements, we could be disadvantaged in retaining key employees vis-à-vis private companies, including hedge fund sponsors.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedRisk Factors
conditions, claims made on policies and our risk profile and may increase significantly over relatively short periods. In addition, certain insurance coverage may not be available or may only be available at prohibitive costs. Renewals of insurance policies may expose us to additional costs through higher premiums or the assumption of higher deductibles or co-insurance liability.
Read it in 10-K 2025-02-25 at sec.gov ↗
RewordedRisk Factors
The asset management industry is facing transformative pressures and trends from a variety of different sources, including increased fee pressure; a continued shift away from actively managed fundamental equities and fixed income strategies towards alternatives, passive index and smart beta strategies; increased demands from clients and distributors for client engagement and services; a trend towards institutions concentrating on fewer relationships and partners and reducing the number of investment managers they work with; increased regulatory activity and scrutiny of many aspects of the asset management industry, including ESG practices and related matters, transparency/unbundling of fees, inducements, conflicts of interest, capital, liquidity, solvency, leverage, operational risk management, controls and compensation; addressing the key emerging markets in the world, such as China and India, which often have populations with different needs, preferences and horizons than the more developed U.S. and European markets; advances in technology and digital wealth and distribution tools and increasing client interest in interacting digitally with their investment portfolios; and growing crypto asset markets that remain subject to substantial volatility and significant regulatory uncertainty.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
There can be However, there is no assurance, however, assurance that a claim will be covered by insurance or, if covered, that coverage limits will not exceed coverage limits, be sufficient, that an insurer insurers will meet its obligations regarding coverage, fulfill their obligations, or that coverage will continue to be remain available on a cost-effective basis. terms.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
Privacy regulations such as the General Data Protection Regulation (GDPR) in Europe Regulation, U.S. state privacy laws and financial sector regulations, India’s Digital Personal Data Protection Act, China’s Personal Information Protection Law and Bermuda's Personal Information Protection Act, have strengthened privacy rules requirements for organizations handling personal data, granted individuals more rights and control over the use of their personal data, data and greatly increased penalties for non-compliance.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
The Further, the SEC and other regulators in the U.S. are pursuing similar initiatives albeit with varying requirements, and the SEC during the recent past several years has increased its enforcement activity relating to ESG disclosures and practices of asset managers. managers and may do so again.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
On top of the disclosure obligations applying to the financial sector, the The EU Corporate Sustainability Reporting Directive sets out new ESG disclosure requirements for EU undertakings domiciled companies and non-EU groups having substantial activities in the EU (like we do) based on new European standards.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
The legal and regulatory environment relating to AI is uncertain and rapidly evolving, in the U.S., E.U., and internationally, and includes regulation targeted specifically at AI technology, including the EU AI Act, portions of which have already come into force with more to follow this year and in future years, as well as provisions in intellectual property, privacy, consumer protection, employment and other laws applicable to the use of AI.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
We face the inherent risk risks of loss or liability related to claims arising from clients, third-parties, actions taken by client claims, third-party actions, regulatory agencies proceedings, and costs and losses associated with operations operational failures, including cyber incidents.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
A substantial portion of the products and services we offer in the U.S. are regulated by the SEC, Financial Industry Regulatory Authority, Commodity Futures Trading Commission, the National Futures Association, Department of Labor (DOL) and/or the and Texas Department of Banking and Banking, in the U.K. are regulated by the Financial Conduct Authority (FCA), and in Hong Kong Kong, China, and China Japan are regulated by the Securities and Futures Commission of Hong Kong (SFC) and Kong, the China Securities Regulatory Commission, and the Financial Services Agency, respectively.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
The extent to which our business, revenues, AUM and net income are affected by a future pandemic or a new variant of COVID-19 will largely depend on new events or future developments, events, which cannot be accurately predicted and are uncertain, predicted, including the duration, severity and the length of time it will take for the economy to recover from the negative impacts on human capital and potentially more permanent impacts on how we operate and serve our clients. operate.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
To help protect against mitigate these risks, we purchase insurance in amounts and at deductible levels, and against potential losses and liabilities that levels we consider appropriate, where such insurance coverage is available at prices we deem reasonable. reasonable cost.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
Investment products and clients can have exposure to lower-rated instruments and securities, which generally reflects a greater possibility that adverse changes in the financial condition of the borrower or in general economic conditions (including, for example, a substantial period of conditions, including rising interest rates rates, inflation, geopolitical instability, or declining earnings), or both, sector-specific stress, may impair the ability of the borrower to make payment of principal and interest.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
In addition, the The complexity and limited transparency of many AI models makes make it challenging to understand why they are generating generate particular outputs. outputs, increasing governance and monitoring risks.
Read it in 10-K 2026-02-24 at sec.gov ↗
Quiet changesRisk Factors
Consequently, significant Significant strengthening of the U.S.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
We continued to make progress on strengthening our capital management, simplifying and focusing our organization, investing in our key capabilities, and accelerating growth to position the company for greater scale, performance and improved profitability.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
In addition to our previously announced broader strategic product and distribution partnership with Barings (MassMutual's global asset management subsidiary), we also announced a new strategic partnership with LGT Capital Partners during the fourth quarter. These partnerships aim to develop a suite of multi-alternative private markets solutions focused on the U.S. wealth and retirement channels.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
On December 20, 2025, Invesco QQQ Trust converted from a unit investment trust (UIT) to an open-end fund ETF. The modernized QQQ ETF provides investors with a more beneficial way to access the companies of the Nasdaq-100 Index, including a reduced expense ratio and enhanced operational flexibility. This change also deepens the company's ability to generate new revenues and drive profitability.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
During the fourth quarter, we completed the sale of the intelliflo business as part of our efforts to sharpen our strategic focus. We also completed the sale of 60% of our interest in Invesco Asset Management (India) Private Limited to IndusInd
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
International Holdings Limited to enhance the revenue generation of the business by combining our asset management expertise with their domestic distribution network.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
On January 13, 2026, we announced that we entered into an agreement to sell our Canadian fund management agreements to CI Global Asset Management and form a long-term strategic partnership under which we will continue to provide portfolio management services through a sub-advisory arrangement to approximately 66 of the 104 Canadian mutual funds and ETFs with approximately $9 billion of AUM.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
(1) Non-management fee earning flows include Invesco QQQ Trust’s flows prior to its restructuring from an UIT to an open-end fund ETF on December 20, 2025. Net long-term flows include Invesco QQQ Trust’s flows beginning on December 20, 2025.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
(3) Investment capabilities are descriptive groupings of AUM by investment strategy.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
(8) China JV includes AUM managed by IGW. Comparative periods have been recast to align with the current period’s investment capability presentation.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
Headcount at December 31, 2025 was 7,499 (December 31, 2024; 8,508). The decrease in headcount was primarily due to the sale of the intelliflo business and the sale of 60% of our interest in Invesco Asset Management (India) Private Limited that were completed in the fourth quarter of 2025.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
The Revolving Credit Agreement was amended and restated on May 16, 2025 increasing borrowing capacity from $2.0 billion to $2.5 billion and extending the expiration date from April 26, 2028 to May 16, 2030. As of December 31, 2025, the balance on the $2.5 billion Revolving Credit Agreement was $437.7 million.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
During 2025, the company repaid in full the $500.0 million three-year Term Loan Agreement entered into on May 16, 2025.
Read it in 10-K 2026-02-24 at sec.gov ↗
RemovedMD&A
We continued to make progress in executing our strategic priorities and leveraging our competitive advantages to improve operating performance in 2024. Higher operating revenues along with expense discipline contributed to an increase in operating income from the prior year. See additional discussion in the "Results of Operations" section.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
dividends. During the year, the company repurchased 2.9 million common shares for $49.6 million in the open market, and we expect to continue common share repurchases on a regular basis going forward.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
The following presentation and discussion of AUM includes Passive and Active AUM. Passive AUM include index-based ETFs, UITs, non-management fee earning AUM and other passive mandates. Active AUM are Total AUM less Passive AUM.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
Non-management fee earning AUM includes non-management fee earning ETFs, UITs and product leverage. The net flows in non-management fee earning AUM can be relatively short-term in nature and, due to the relatively low revenue yield, these net flows can have a significant impact on overall net revenue yield.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
(3) Investment capabilities are descriptive groupings of AUM by investment strategy. The company believes that presenting AUM by investment capability provides a more granular depiction of asset categorization and removed presentation of AUM by asset class in the quarter ending March 31, 2024. The comparative periods reflect the current period presentation.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
(8) APAC Managed includes all products managed in the APAC region, including Invesco Great Wall, APAC managed short term, Money Market, passive, and ETFs.
Read it in 10-K 2025-02-25 at sec.gov ↗
RemovedMD&A
(10) Global Liquidity is comprised mainly of Money Market funds excluding APAC Money Market funds.
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RemovedMD&A
(1) Comparative periods presented reflect reclassification of certain operating expenses to align with current period presentation. The reclassification had no impact on our reported Operating revenues, Operating income, Net income, or any internal performance measure on which management is compensated. See Note 1, "Accounting Policies," for additional information.
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RemovedMD&A
in investor preferences away from actively managed funds. We assessed the reasonableness of the estimated fair value of the intangible assets by considering applicable market data.
Read it in 10-K 2025-02-25 at sec.gov ↗
RewordedMD&A
Transaction, integration and restructuring (4) — — 41.6 21.2 Amortization and impairment of intangible assets (5) 1,832.4 44.8 1,298.8 63.8 Deferred compensation net market valuation changes (6) 8.5 17.6 (18.6) 73.6 One-time acceleration of compensation expense for currently outstanding Long-term awards Long-Term Awards (7) — 147.6 — Severance (8) 16.9 — — Software impairment (9) 8.0 — — General and administrative (8) (10) — 52.5 (20.0) (70.0) Total adjustments excluding tax $ 1,865.8 $ 262.5 $ 1,301.8 $ 88.6 Impact of deferred income tax rate change (13) (39.0) — — Tax adjustment for amortization of intangible assets and goodwill (11) (14) 16.4 17.6 16.7 14.2 Tax adjustment for impairment of intangible assets (15) (427.0) — (296.1) — Other tax effects of adjustments above (7.9) (36.4) 1.0 (13.5) Cost of preferred stock repurchase (16) 240.0 — — Adjusted net income attributable to Invesco Ltd. $ 922.0 $ 781.7 $ 689.7 $ 773.2 Average common shares outstanding - diluted 455.0 457.7 456.2 459.5 Diluted EPS $ (1.60) $ 1.18 $ (0.73) $ 1.49 Adjusted diluted EPS (12) (17) $ 2.03 $ 1.71 $ 1.51 $ 1.68
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Financing cash outflows during also included $500.0 million for the year ended December 31, 2024 included $371.5 repayment of the three-year Term Loan Agreement entered into in the second quarter of 2025, $240.0 million for the premium paid on the repurchase of Series A Preferred Stock, $377.3 million of common dividend payments for dividends declared in January, April, July and October 2024 2025 (year ended December 31, 2023: 2024: common dividends paid of $357.9 $371.5 million), $236.8 $204.6 million of preferred dividend payments for dividends declared in January, April, July and October 2024 2025 (year ended December 31, 2023: 2024: $236.8 million), $49.6 $100.0 million for the repurchase of common shares through the open market (year ended December 31, 2023: $150.0 2024: $49.6 million), and the payment of $29.7 $23.6 million to meet employees' withholding tax obligations on common share vestings (2023: $37.5 (2024: $29.7 million).
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
GAAP basis $ (695.7) $ 832.1 $ (434.8) $ 1,317.7 Invesco Great Wall (2) 234.0 163.3 201.9 262.7 CIP (3) 84.6 60.2 84.8 65.7 Transaction, integration and restructuring (4) — — 41.6 21.2 Amortization and impairment of intangible assets (5) 1,832.4 44.8 1,298.8 63.8 Compensation expense related to market valuation changes of deferred compensation 77.6 70.2 41.2 (46.3) liabilities (6) One-time acceleration of compensation expense for currently outstanding Long-term awards Long-Term Awards (7) — 147.6 — Severance (8) 16.9 — — Software impairment (9) 8.0 — — General and administrative (8) (10) — 52.5 (20.0) (70.0) Adjusted operating income $ 1,557.8 $ 1,370.7 $ 1,213.5 $ 1,614.8 Operating margin (9) (11) (10.9) % 13.7 % (7.6) % 21.8 % Adjusted operating margin (10) (12) 33.4 % 31.1 % 28.2 % 34.8 %
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
(in millions) December 31, 2024 2025 December 31, 2023 2024 Net income/(loss) attributable to Invesco Ltd. $ (726.3) $ 538.0 $ (333.7) Dividends on preferred shares 236.8 204.6 236.8 Interest expense 82.5 58.0 70.5 Tax expense/(benefit) (204.6) 252.9 (69.7) Amortization/depreciation/impairment (1) 1,982.0 184.1 1,431.7 Common share-based compensation expense 78.0 71.1 114.6 One-time acceleration of compensation expense for currently outstanding Long-term awards Long-Term Awards (2) — 147.6 Severance (2) 16.9 — Regulatory matters (2) — 52.5 Cost of preferred stock repurchase (2) 240.0 — Unrealized (gains)/losses from investments, net (3) 5.0 16.0 (11.9) Covenant Adjusted EBITDA (4) $ 1,678.1 $ 1,557.0 $ 1,438.3 Adjusted debt (4) $ 1,228.7 $ 393.8 $ 992.4 Leverage ratio (Adjusted debt/Covenant Adjusted EBITDA - maximum 3.25:1.00) 0.73 0.25 0.69 Interest coverage (Covenant Adjusted EBITDA/Interest expense - minimum 4.00:1.00) 20.34 26.84 20.40
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
The company removes amortization and non-cash impairment expense related to acquired assets removed this discrete tax benefit in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income and Adjusted diluted EPS, EPS as this it does not have a cash flow impact and will aid comparability of our results period to period, and aid comparability with peer companies that may not have similar acquisition-related charges. period.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Year ended December 31, Equity Indices - Domestic 2025 2024 2023 S&P 500 16.4% 23.3% 24.2% S&P 500 Equal-Weight 9.3% 10.9% 11.6% S&P 500 Growth 21.4% 35.2% 28.4% S&P 500 Values Value 11.0% 9.8% 19.8% NASDAQ 100 20.2% 24.9% 53.8% Equity Indices - Global FTSE 100 (local currency) 21.5% 5.7% 3.8% MSCI AC Asia Pacific 25.3% 7.2% 8.8% MSCI China (local currency) 28.3% 15.7% (13.2)% MSCI Emerging Markets 30.6% 5.1% 7.0% MSCI Europe (local currency) 16.3% 5.8% 12.7% MSCI Japan (local currency) 21.8% 18.5% 25.9% Fixed Income Indices Bloomberg US Aggregate Bond 7.3% 1.3% 5.5% Bloomberg Global Aggregated Aggregate Bond (local currency) 4.4% (1.7)% 5.7% Bloomberg China Aggregated Aggregate Bond 5.1% 4.9% 2.7%
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Net revenues from IGW were $364.0 million and average AUM was $109.0 billion for the year ended December 31, 2025 (Net revenues were $318.1 million and average AUM was $88.6 billion for the year ended December 31, 2024 (Net revenues were $368.3 million and average AUM was $87.2 billion, for the year ended December 31, 2023). 2024).
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
The income tax provision was a benefit of $(204.6) million for the year ended December 31, 2025, compared to an expense of $252.9 million for the year ended December 31, 2024, compared to a benefit of $(69.7) million for the year ended December 31, 2023, resulting in effective tax rates of 53.9% and 25.2% and 29.3% for the years ended December 31, 2024 2025 and 2023, 2024, respectively.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Other gains and losses, net was a gain of $55.9 million for the year ended December 31, 2025 as compared to a net gain of $47.7 million for the year ended December 31, 2024 as compared to a net gain of $98.0 million for the year ended December 31, 2023. 2024.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
The company removes amortization and non-cash impairment expense related to acquired assets removed the costs associated with the repurchase in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income and (and by calculation, Adjusted diluted EPS, EPS) as this will aid comparability of our results period to period, period and aid comparability with peer companies that may not have similar acquisition-related repurchase related charges.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Due to the non-recurring nature of this item, the The company removed this expense discrete tax benefit in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, income and Adjusted diluted EPS as this it does not have a cash flow impact and will aid comparability of our results period to period.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
The increase decrease was primarily due to a $52.5 million expense related to the settlement of certain regulatory matters in the year ended December 31, 2024, partially offset by lower professional fees higher costs of $28.1 million. $22.6 million in the year ended December 31, 2025 related to newly launched CIP.
Read it in 10-K 2026-02-24 at sec.gov ↗
Quiet changesMD&A
GAAP gross revenue yield is not a good measure because the numerator excludes the management fees earned from CIP; however, CIP, although the denominator of the measure includes the AUM of these investment products.
Read it in 10-K 2026-02-24 at sec.gov ↗
Quiet changesMD&A
The cash flows of CIP do not form part of the company’s cash flow management processes, nor do they form part of the company’s significant liquidity evaluations and decisions.
Read it in 10-K 2026-02-24 at sec.gov ↗
